What will the clearing timescales be through the Cheque Imaging service?
Cheque Imaging will reduce the cheque clearing cycle from 6 business days to 2. For example a cheque paid in on a Monday will be cleared by the end of the following business day -Tuesday, assuming that the cheque can be paid.
From 30th October 2017 any cheques you write which have been paid into a Bank using the new digital clearing cycle, will debit your account on day 2 instead of day 3. Cheques paid in to The Co-operative Bank will continue to be processed using the existing cheque clearing cycle and not the new digital clearing cycle until we launch this part of our service in 2018.